Hexagon Composites, world leader in composite cylinder technology and related systems for storage and transportation of clean gaseous energy reported revenues of NOK 1 150 million for second quarter 2024 (Q2’23: 1?161 million). The reported EBITDA was NOK 137 million (Q2’23:?110 million), resulting in a 12% EBITDA margin (Q2’23:?9%).
“The main highlight of the quarter was the substantial increase in EBITDA for the Group, reaching NOK 137 million, an improvement of 25%,” says Jon Erik Engeset, Group CEO of Hexagon Composites. “On June 3 we sold Hexagon Ragasco, a proud member and important part of our Group for over 20 years, to Worthington Enterprises for an enterprise value of NOK 1 050 million. The transaction further sharpens Hexagon’s focus on market leading solutions for alternative fuels and high-pressure industrial gases.”
Outlook
Heading into the second half of 2024, fuel systems revenues are expected to increase - with deliveries on the UPS order received in Q2, and as the order book related to the 15-liter (X15N) natural gas engine starts to build in earnest. We expect sustained high demand for Mobile Pipeline driven by the economic competitiveness of renewable natural gas (RNG) and compressed natural gas (CNG) relative to conventional energy such as diesel, and customers’ decarbonization targets.
Hexagon’s near completed capacity expansion program is timed to support and meet the strong growth expected through 2025 and beyond.
For further details, please see the attached second quarter 2024 report and presentation.
Presentation of the results today at 08:30 am CET
Knut Flakk, Chair of the Board and David Bandele, CFO will present the results at 08:30 am today in Oslo. The presentation will be held in the Auditorium at Hexagon's location in Oslo, Haakon VIIs gate 2, on the lower level.
The presentation will also be broadcast live via: https://channel.royalcast.com/landingpage/hegnarmedia/20240815_4/
